Coastal Alabama Business Chamber Inc

“The chair of the finance committee and the president/ceo approve the form 990 and the accompanying schedules before it is submitted to the irs.”

“Board of directors monitors and enforces the conflict of interest policy when the chamber is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director or that might result in a possible excess benefit transaction. Board members eligibility is contingent on an annual signed agreement with this policy.”

“The executive compensation policy governs the procedures for determining and reviewing the compensation of the chamber president/ceo.”

“The chamber's governing document and financial statements are available to the public upon request at the chamber office during normal business hours.”

“The organization received a grant from gulf shores & orange county tourism organization for $50,000 to be used for the annual shrimp festival. Under guidance of the american institute of certified public accountants, the grant funds are to be recognized as income once all the conditions of the grant are substantially met or explicitly waived. At the end of their fiscal year, the organization had substantially met all conditions of the grant and recorded the proceeds as grant income.”

“Shrimp festival commissions: program service expenses 61,989. Management and general expenses 10,685. Fundraising expenses 0. Total expenses 72,674. Shrimp festival supplies: program service expenses 69,540. Management and general expenses 0. Fundraising expenses 0. Total expenses 69,540. Shrimp festival hospitality: program service expenses 23,100. Management and general expenses 0. Fundraising expenses 0. Total expenses 23,100. Shrimp fesitival security: program service expenses 21,050. Management and general expenses 0. Fundraising expenses 0. Total expenses 21,050. Awards: program service expenses 16,423. Management and general expenses 0. Fundraising expenses 0. Total expenses 16,423. Taxes and licenses: program service expenses 13,775. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,775.”

“The audited financial statements of the current tax year have not been completed as of the filing date of the tax return.”